The role of managerial power and board monitoring
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Managerial power | Board monitoring | |||
| High | Low | Low | High | |
| Variable | ESGC | ESGC | ESGC | ESGC |
| PRisk | 1.2417*** | 0.2065 | 1.3000*** | 0.6860 |
| (3.2537) | (0.7475) | (3.2580) | (1.3943) | |
| Constant | −24.5653 | 28.8364 | −81.7168*** | −98.5971*** |
| (−0.6595) | (1.0474) | (−5.3637) | (−3.1342) | |
| Controls | Yes | Yes | Yes | Yes |
| Year effects | Yes | Yes | Yes | Yes |
| Country effects | Yes | Yes | Yes | Yes |
| Industry effects | Yes | Yes | Yes | Yes |
| Observations | 5,526 | 6,240 | 7,188 | 4,770 |
| Adj R2 | 0.443 | 0.370 | 0.199 | 0.299 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Managerial power | Board monitoring | |||
| High | Low | Low | High | |
| Variable | ||||
| PRisk | 1.2417 | 0.2065 | 1.3000 | 0.6860 |
| (3.2537) | (0.7475) | (3.2580) | (1.3943) | |
| Constant | −24.5653 | 28.8364 | −81.7168 | −98.5971 |
| (−0.6595) | (1.0474) | (−5.3637) | (−3.1342) | |
| Controls | Yes | Yes | Yes | Yes |
| Year effects | Yes | Yes | Yes | Yes |
| Country effects | Yes | Yes | Yes | Yes |
| Industry effects | Yes | Yes | Yes | Yes |
| Observations | 5,526 | 6,240 | 7,188 | 4,770 |
| Adj | 0.443 | 0.370 | 0.199 | 0.299 |
This table reports the results of the baseline regression run on sub-samples based on the extent of managerial power and governance score. Column (1) depicts the results of the sub-sample with high managerial power, while Column (2) depicts the results of the sub-sample with low managerial power. Column (3) presents the results of the sub-sample with a low governance score, while column (4) presents the results of the sub-sample with a high governance score. Coefficients with ***, ** and * are significant at the 0.01, 0.05 and 0.10 levels, respectively. Robust t-statistics in parentheses
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.